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Swiss Stock Exchange SIX to Use R3 Corda Enterprise for Blockchain-Based Trading Platform

SIX Swiss Exchange will use R3’s Corda Enterprise platform for its forthcoming blockchain-powered digital exchange.

Switzerland‘s principal stock exchange, SIX Swiss Exchange, has chosen to use blockchain consortium R3’s Corda Enterprise platform for its forthcoming blockchain-powered digital exchange. The news was revealed during the R3-hosted Corda Day event in Singapore on March 6.

The SIX Swiss Exchange sees roughly 4.62 billion Swiss Francs (CHF) (~$4.6 billion) in daily turnover, and has a market capitalization of over 1.67 trillion CHF ~($1.6 trillion). As Cointelegraph reported in July 2018, SIX previously unveiled its plans to launch a digital asset ecosystem, dubbed Six Digital Exchange (SDX).

In February 2019, the company announced it would be testing blockchain integration for SDX, and would use the technology to tokenize stocks, bonds and possibly exchange-traded funds (ETFs).

At the time, SIX exchange chairman Romeo Lacher said he expects the new blockchain-powered SDX digital exchange to supersede SIX’s existing marketplace within a decade, and also revealed that the company plans to roll out its own security token offering.

Corda Enterprise is the paid-for offshoot of R3’s open source Corda blockchain platform, and can be used across applications that include capital markets infrastructure, trade finance, identity, insurance, and other financial service or commercial applications.

Adoption by a major financial market infrastructure provider such as SIX represents a first for Corda Enterprise, which saw its first commercial licensing deal in January 2019 with Dutch international bank ING. ING had notably jointly completed the first live transaction in securities using R3’s open source Corda back in March 2018.

As Cointelegraph has reported, in parallel to its ongoing SDX development, SIX listed an advanced multi-crypto-based exchange-traded product (ETP) in fall 2018, which tracks five major cryptocurrencies. Earlier this week, the exchange’s Ethereum (ETH)-based ETP also began trading.

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US Credit Union Blockchain Consortium Joins R3’s Global Ecosystem

CULedger, a U.S. credit union service organization-owned blockchain consortium, has joined enterprise software firm R3’s global blockchain ecosystem.

CULedger, a credit union service organization (CUSO)-owned blockchain consortium, has joined enterprise software firm R3’s global blockchain ecosystem. The partnership was officially revealed in a press release published Dec. 13.

Based in Denver, Colorado, CULedger reportedly delivers blockchain applications to credit unions and their members, using the technology to mitigate cybersecurity and fraud risks, as well as streamline administrative and operational processes to save time and costs. The firm also provides a specific blockchain-based identification solution for credit union members.

As the press release notes, the consortium joins the R3 global network, which has to date reportedly gathered over 200 financial services companies, tech firms, central banks, regulators, and trade associations to collaborate on or use its enterprise-grade blockchain platform “Corda.”

Corda has been designed to work within the financial services industry and uses a permissioned distributed ledger technology (DLT) system to restrict data access to the required participants only. This July, R3 released a commercial version of Corda, dubbed “Corda Enterprise,” aimed specifically at businesses.

The Corda platform has seen a wave of positive adoption news in recent months.

Just in December, R3’s Corda-based Euro Debt Solution was used by a GermanFrenchDutch triad of banks to successfully complete a live commercial paper transaction; major Japanese financial services company SBI Holdings announced its partnership with R3 to boost use of Corda in Asia; and 26 French companies and five major banks completed a know your customer (KYC) test using Corda.

In mid-October, United Kingdom-based bank Natwest announced it would be integrating a new blockchain platform based on R3 Corda technology for use in the syndicated loans market.

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Four International Banks Complete Commercial Paper Transaction on R3’s Corda Platform

Four international banks have completed a live commercial paper transaction based on blockchain consortium R3’s Corda platform.

A group of international banks in partnership with enterprise blockchain software firm R3 have completed a live commercial paper transaction based on blockchain platform Corda, Finextra reported Dec. 6.

The transaction was implemented on the Corda-based Euro Debt Solution application developed by R3, with German banking and financial services company Commerzbank, French corporate and investment bank Natixis, and Dutch financial services firm Rabobank as the participant.

In the course of transaction, Natixis reportedly issued 100,000 euro ($113,722) notional, while Rabobank acted as the incestor and ING as both dealer and escrow agent. Commerzbank developed the pilot framework, software and distributed ledger (DLT) network for the trade, and instructions on regulatory implications.

The banks have also developed a legal framework for the project in cooperation with external counsel Allen and Overy. Marnix Bruning, head of money market and central bank sales at ING reportedly said that the initiative “marks the start of building an improved DLT platform that enables direct settlement and reduces operational risk and costs at the same time.”

Launched in 2016, Corda is a decentralized platform based on the Ethereum blockchain, that is geared for use by financial institutions. Corda purportedly enables businesses to build interoperable blockchain networks that transact directly and privately.

Financial institutions around the world have been actively implementing blockchain technology into their operations. Yesterday, Cointelegraph reported that Brazil’s largest private bank partnered with United Kingdom bank Standard Chartered to create a blockchain-based platform for small loans. The two parties successfully conducted a proof-of-concept for the platform based on R3’s Corda Connect.

Also this week, Saudi Arabian developmental institution the Islamic Development Bank Group (IsDB) partnered with a Tunisian startup iFinTech Solutions to develop interbank blockchain tools. The new offerings will purportely improve Islamic financial institutions’ liquidity management and increase overall efficiency.

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SBI Holdings, R3 Embark on ‘Joint Venture’ to Boost Corda Blockchain Use in Asia

R3’s Corda platform aims for an adoption boost via a partnership with Japanese financial services giant SBI Holdings.

Japanese financial services company SBI Holdings will partner with software firm R3 to expand local use of its Corda blockchain platform, Cointelegraph Japan reported Dec. 5.

Quoting local news outlet Nikkei, the report reveals that SBI, which is involved in multiple cryptocurrency and blockchain-related activities, will expand on its existing investment in R3 to create a “joint venture” aimed at promotion.

“Europe is the most advanced in blockchain product development,” R3 CEO David Rutter told Nikkei in an interview:

“The new joint venture will strengthen the Japanese language service, and promote adoption.”

The company added its R3 partnership would extend beyond Japan to cover the wider Asian space.

R3 focuses on using Distributed Ledger Technologies (DLT), such as blockchain, to facilitate efficiency increases primarily for banking partners. Based in the United States, the startup has clients throughout the world, which currently number around 200.

Deals continue to come, Cointelegraph this week reporting on a group of French banks completing a Corda-based Know Your Customer (KYC) trial, while R3 also announced that the first cryptocurrency added to its payments DApp would be Ripple (XRP).

SBI is also deeply entrenched in XRP, its joint money transfer operation SBI Ripple Asia gaining Japanese regulatory approval in September.

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Global Payments Powered by Ripple’s XRP: Blockchain Software R3

Back in 2016 – Corda, an open source enterprise product, was announced by the blockchain supported software developer R3. Now, it received an additional application named Corda Settler which targets to deliver and offer most services which business would ask to engage blockchain technology. Also, the settler is meant to bring together and work as a translator for wide range of fiat assets and virtual coins.

Gendal Brown – CTO of R3 added:

“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.

While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”

As quoted above, the system uses XRP as a base currency. When a needed transaction is initiated on the network, one party can request the settlement [which can be instant] while the second is notified for the request.

With the aim to reach global-scale of app utilization, the firm behind the settlement product is already in corporation with over 200 firms in various industries.

The Corda platform has showcased its potential to handle different kinds and features offered by its applications in many cases, and the Corda Settler will function on the same manner.

“The Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement. Uniquely, the Corda Settler will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger. In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.” – Blog post.

The post Global Payments Powered by Ripple’s XRP: Blockchain Software R3 appeared first on Ethereum World News.

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Global Payments Powered by Ripple’s XRP: Blockchain Software R3

Back in 2016 – Corda, an open source enterprise product, was announced by the blockchain supported software developer R3. Now, it received an additional application named Corda Settler which targets to deliver and offer most services which business would ask to engage blockchain technology. Also, the settler is meant to bring together and work as a translator for wide range of fiat assets and virtual coins.

Gendal Brown – CTO of R3 added:

“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.

While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”

As quoted above, the system uses XRP as a base currency. When a needed transaction is initiated on the network, one party can request the settlement [which can be instant] while the second is notified for the request.

With the aim to reach global-scale of app utilization, the firm behind the settlement product is already in corporation with over 200 firms in various industries.

The Corda platform has showcased its potential to handle different kinds and features offered by its applications in many cases, and the Corda Settler will function on the same manner.

“The Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets, and any traditional rail capable of providing cryptographic proof of settlement. Uniquely, the Corda Settler will verify that the beneficiary’s account was credited with the expected payment, automatically updating the Corda ledger. In the next phase of development, the Settler will support domestic deferred net settlement and real-time gross settlement payments.” – Blog post.

The post Global Payments Powered by Ripple’s XRP: Blockchain Software R3 appeared first on Ethereum World News.

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Bank of Thailand Announces “Milestone” Digital Currency Project Using R3 Corda Platform

The Bank of Thailand (BoT) has revealed plans to develop a wholesale Central Bank Digital Currency (CBDC) that will use R3’s Corda platform, in a press release published August 21.

A CBDC is a digital currency issued by a central bank whose legal tender status depends on government regulation or law. The “wholesale” variant of CBDC limits its use to financial institutions and markets, as opposed to a “retail CBDC” for the general public.

R3’s Corda, for its part, is a distributed ledger technology (DLT) platform that has been designed to work within the financial service sector and uses a permissioned system to restrict data access to the required participants only.

According to the announcement, the BoT is partnering with eight financial institutions on the CBDC project – including Bangkok Bank Public, Krung Thai, Siam Commercial Bank, Standard Chartered Bank and HSBC.

In what BoT describes as a “collaborative milestone,” the participating banks will jointly design and develop the proof-of-concept wholesale CBDC prototype, the first phase of which is expected to be completed by the first quarter of 2019. The effort, dubbed Project Inthanon, reportedly aims to “enhance efficiency of the Thai financial market infrastructure” and contribute to the design of its future evolution.

The announcement further reveals that in addition to Project Inthanon, the BoT is “conducting a DLT (distributed ledger technology) proof of concept for scripless government savings bond sale to improve operational efficiency.”

CBDCs continue to draw interest and divide opinions within the banking sector across the world. At the Deconomy conference in South Korea this April, R3’s research director Anthony Lewis predicted that efforts to develop wholesale CBDCs would accelerate in 2018, due to an increasing number of institutions recognizing the potential benefits that could be reaped through their issuance.

Retail CBDCs, meanwhile, have drawn a more circumspect response. This March, the Bank for International Settlements (BIS) stated that “a general purpose [retail] CBDC could give rise to higher instability of commercial bank deposit funding” and potentially fuel faster bank runs, an opinion that was echoed by the Bank of England in May.

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R3 Consortium Releases New ‘Version’ of Its Corda Platform for Businesses

Blockchain technology company R3 announced July 10 that it had released a “version” of its Corda blockchain platform aimed specifically at businesses.

R3 is a consortium of over 200 companies that research and develop blockchain applications for the industries of finance and commerce.

Corda Enterprise, ostensibly “optimised to meet the demands of modern day businesses,” includes a “Blockchain Application Firewall” to allow the platform to run within corporate data centers and still communicate with Corda’s nodes.

Applications available on the regular Corda are now also functional on Corda Enterprise, R3 confirmed.

The new Corda unveiling comes amid an atmosphere of decreasing confidence in business uptake of blockchain.

As Cointelegraph reported, it is banks – the main client base for Corda’s original platform – that are especially wary, with other blockchain businesses such as Ripple themselves confirming institutions may not embrace the technology.

This week, another blockchain project aimed at increasing business integration while combatting their “concerns” emerged in the form of Oasis Labs, which completed an initial funding round worth $45 million.